31 Grove St · Homer, NY 13077

$95,000

3 bd · 2.0 ba · 1,472 sqft · SingleFamily public records · 2 Days on market

Built 1874 9,583 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.1/30.0
• 1% rule +9.6/10.0
• Appreciation +8.4/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Three-bedroom, two-bath, two-story single-family home located within the Village of Homer. The property offers a functional layout and a backyard suitable for various outdoor uses. A large exterior shed provides additional storage space. The home will require updates and is well-suited for buyers looking for a project or renovation opportunity. Convenient village location with access to local services and amenities.

Key facts

• Large exterior shed
• 9,583 sq ft lot
• Built 1874

Tags

• LARGE EXTERIOR SHED
• CONVENIENT VILLAGE LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 9.0% vs local median 3.4% in Homer — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($657 loan paydown + $7k appreciation (6.9% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1874 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,000

Questions for the listing agent

1. Built in 1874 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.49%
• DSCR: 1.42
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $191,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
94 Cayuga St	0.21mi	3/1.0	1,378 (-6%)	4mo	$188,000	$136	72
21 Prospect St	0.28mi	3/1.5	1,344 (-9%)	3mo	$250,000	$186	68
11 Grove St	0.14mi	3/1.5	1,526 (+4%)	22mo	$150,000	$98	67
60 N West St	0.31mi	3/1.5	1,504 (+2%)	19mo	$115,000	$76	64
44 Center St	0.39mi	3/1.0	1,358 (-8%)	16mo	$145,000	$107	51
53 Clinton St	0.40mi	4/1.5 (+1)	1,612 (+10%)	10mo	$269,000	$167	50
9 King St	0.15mi	4/1.0 (+1)	1,344 (-9%)	23mo	$175,000	$130	50
41 Hudson St	0.37mi	3/1.0	1,260 (-14%)	10mo	$209,000	$166	46
1 Suits Ave	0.65mi	3/2.0	1,540 (+5%)	21mo	$220,000	$143	44
28 Warren St	0.46mi	3/2.0	1,628 (+11%)	23mo	$179,220	$110	41
96 Clinton St	0.56mi	3/1.5	1,269 (-14%)	21mo	$138,000	$109	31
4 Copeland Ave	0.68mi	4/1.5 (+1)	1,584 (+8%)	24mo	$201,500	$127	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.73×
• Total profit: $45,889
• Equity at exit: $64,937

10-year hold

• IRR: 23.2%
• Equity multiple: 5.65×
• Total profit: $123,775
• Equity at exit: $122,548

Cash invested: $26,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13077

• Home prices YoY: 2.4%
• Active inventory: 39
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,383 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$344 /mo · $4,131/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $210

Break-even live

Break-even rent $1,117

Max offer price $95,000

Occupancy floor 80%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2025-12-04
   status Pending
2. 2025-12-02
   listed $95,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $4,131 · $344/mo
• Projected year-2 tax: $4,131 · $344/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,594
• − Mortgage interest: −$5,321
• − Property taxes: −$4,131
• − Insurance: −$475
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$2,764
• Taxable income: $1,247
• Est. tax owed @ 24.0%: −$299
• After-tax cash flow: $2,225/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Homer Central School District
• NCES district ID: 3614640
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 59% ▲ 9.00%
• Median HH income: $60,122
• Composite: 47.03/100
• National rank: #2342
• State rank: #306 of 590 in NY

Livability — Homer

• Score: 76/100
• State rank: #229
• US rank: #3609

Category grades

Amenities F Commute F Cost of living A Crime A- Employment B+ Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homer, NY
• Population (ZIP): 6,567

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Asian 2%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 2% · China
• Languages at home: 94% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Chinese 2%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.86%
• Current HPI: 298.7707
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

2 events — show timeline

• 2025-12-04 Pending — CNYIS
• 2025-12-02 Listed $95,000 CNYIS

Property tax history

-0.7%/yr

Latest (2025): $4,131 · +5.4% YoY. Source: county tax records.